It is wise to obtain written, rather than verbal, lock-in agreements to:
- Fully understand how your lender's lock-ins work; and
- have a tangible record of your arrangements with the lender in the event of a dispute.
Tip
You should also obtain a blank copy of a lender's lock-in form to read carefully before you
apply for a loan. If possible, show the lock-in form to a lawyer or real estate
professional.
This information is adapted from "A Consumer's Guide to Mortgage Lock-Ins" published by
the Federal Reserve Board and the Office of Thrift Supervision.